Money Matters
Visa’ s Financial Literacy Tips for Parents to Teach their Children
These tips will help introduce guided, money-related, decision-making skills for young children. Guiding young children in simple choices now will give them the experience and confidence to make their own decisions as they grow. Making decisions teaches children responsibility and enhances their ability to function successfully in their teen and adult years. Confidence in decision-making enhances children’ s control over their lives and gives them power.
Introduce structured spending decisions to assist young children in making choices. Help them recognize that money comes in limited amounts. celebritybabyscoop. com
• Shopping: Make a grocery list with your children and have them match the items on the list with the products on the shelves, noting their price and the total bill at the checkout. Teach them about the importance of comparison shopping and waiting for items to go on sale. Teach them about the importance of wants( e. g., chocolate chip cookies and latest“ fun” cereal) vs. needs( food staple products like milk, eggs, bread, etc.)
• Celebrate saving: Discuss with your kids an appropriate and safe place to keep their money( e. g., piggy bank, plastic container, wallet, etc.). Put a picture of the item for which they are saving for on the“ bank” to reinforce the objective visually. Track the child’ s progress with a colorful chart that can be posted on the refrigerator or bedroom door as a reminder of their achievement. Give them recognition for their discipline when the savings goal is reached – consider matching the amount if the goal is achieved within a certain time limit.
• Withdrawing money from the ATM: Teach them about the“ invisible money” at ATMS and how it really works – it isn’ t free – you had to earn it and save it( e. g., how it is connected to a bank). Take the time to explain the way a bank works and where the money you withdraw from the ATM actually comes from by showing them the printed statement.
To help consumers and students of all ages learn the essentials of personal finance, Visa has partnered with leading consumer advocates, educators, and financial institutions to develop the Practical Money Skills program as a part of it Financial Literacy initiatives. For more than a decade, Visa has been developing financial literacy programs that teach individuals how to spend, save and budget responsibly. Visa’ s financial literacy work extends to more than 30 countries and is customized in each based on the level of economic development, cultural standards, educational levels, government priorities and target audiences. http:// www. practicalmoneyskills. com / and in Arabic http:// www. ehsib. com This article is intended to provide general information and should not be considered legal, tax or financial advice. It’ s always a good idea to consult a legal, tax or financial advisor for specific information on how certain laws apply to you and about your individual financial situation.